Philip Green has insisted that the 100m he has promised to Arcadias pension fund represents the best outcome, as his retail empire faces a make-or-break vote on its future next week.
The creditors of Arcadia, whose chains include Topshop and Dorothy Perkins, have to decide next Wednesday whether to accept a restructuring that will see more than 20 stores closed, rents cut on almost 200 more and a reduction in contributions to the retailers pension scheme.
After weeks of negotiations with landlords and creditors, Sir Philips wife Tina, the ultimate owner of Arcadia, proposed injecting 100m into the groups defined benefit pension scheme over the next three years to help offset the reductions planned through the restructuring.
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